Production costs have been much higher than a decade ago, and many oil companies simply will mothball many oil fields at $75 per barrel. Those ultradeep water wells and many of the tight shale formations on land just won't work at $75 per barrel.

Germany's shift to green energy and away from nuclear power and fossil fuels is one of Merkel's flagship policies but the cost of ballooning subsidies is threatening to undermine it. The reform is aimed at scaling back incentives.

This is the best thing that could happen — to any country. A substantially lower population and downsized economy would put Japan within reach of sustainability and enable the ecosystem to begin recovering from over-exploitation. Brain-dead growth advocates will of course be pulling out their hair over this. -- RF

The U.S. is in the midst of a private debt crisis. As of March 2014, American consumers owe $11.52 trillion in debt, an increase of 1.6% from last year. The average household owes $7,115 on their credit cards and the average indebted household owes $15,252. Americans owe $8.05 trillion in mortgages (the average mortgage debt being $152,209) and $1.08 trillion in student loan debt. When combined with corporate debts the U.S. collectively owes about $28 trillion in private debt.